Mortgage Week In Review
December 8th, 2008 categories: Market Updates, Real Estate News
Mortgage rates moved even lower this week, helped by economic weakness and recent actions by the Fed and the Treasury. conforming fixed-rate mortgage rates dropped to levels last seen in 2003. According to Freddie Mac, the weekly decline in rates was the largest since 1981, over its Wednesday to Wednesday measurement period.
The Fed and the Treasury are looking at additional programs to boost the economy. On Wednesday, the Treasury confirmed that it is considering a plan which would offer below-market mortgage rates for select loans used to purchase homes. The lower rates would not be available for refinancing loans. At this point, it’s not certain if, when, or in what form this latest idea will be acted upon. As we have seen recently, most notably with the $700 billion TARP rescue plan, government programs often change significantly before their implementation.
During the first half of this week, Pending Home Sales on Tuesday will be the only economic data.
Brought to you by: Cameron Lewis, Beverly-Hanks Mortgage, MBS Quoteline & Xinnix
